Pacific Rubiales: Expiration of Consent Solicitation, Receipt of Consents
Pacific Rubiales announced the expiration of its consent solicitation and the receipt of the consents required to amend the Indenture governing the Company's outstanding 8.750% senior notes due 2016 (the "Notes"), pursuant to the Company's Consent Solicitation Statement dated June 30, 2010 (the "Consent Solicitation Statement"). The Company solicited consents to amend the Indenture relating to the Notes, to provide the Company with needed flexibility to invest in minority equity investments in joint venture entities that are engaged in any business that is related, ancillary or complementary to the business of the Company, and to provide guarantees of the indebtedness of such entities. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms on the Consent Solicitation Statement.
As of 5:00 p.m. (EDT) on July 14, 2010, the Company had received consents from holders of not less than fifty percent in aggregate principal amount of the Notes. As a result of receiving the Requisite Consents under the Indenture governing the Notes, the Company and the Note Guarantors will enter into an Indenture Supplement with the Note Guarantors and The Bank of New York Mellon, as Trustee, to give effect to the proposed amendment.
The Company expects to settle the consent solicitation as promptly as possible upon receipt of instructions from Global Bondholder Services Corporation, which is acting as the tabulation agent. As previously announced and on the terms set forth in the Consent Solicitation Statement, the Company will pay to each Noteholder who has validly delivered (and has not revoked) a consent prior to the expiration date, U.S.$2.50 for each U.S.$1,000 in principal amount of Notes with respect to which a consent has been delivered.
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